Home Business Access Bank Records Gross Earnings Surge By 16% In Q1 2019

Access Bank Records Gross Earnings Surge By 16% In Q1 2019

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Tier-1 lender, Access Bank kick-started the year on a solid note after recording an 86 percent surge in its profit after tax (PAT) in Q1 2019 ended 31st March 2019, making it the first deposit money bank on the Nigerian Stock Exchange (NSE) to release its first-quarter report for the year.

According to the bank’s Group Managing Director/Chief Executive Officer, Herbert Wigwe “The group delivered solid earnings underscoring the value potentials of the newly expanded business model. Gross earnings showed a 16% increase to ₦160.1bn from the prior year, comprising strong earnings on Interest income and non-interest income of 69% and 31% respectively, whilst Profit before Tax (PBT) grew by 66% to ₦45.1bn

He said “Our capital and liquidity position remained above regulatory levels, with CAR at 19.5% and liquidity ratio of 47.6% further demonstrating the capacity of the enlarged balance sheet to cope with possible negative shocks.

“Following the successful completion of the merger with Diamond Bank in March 2019, we have now fully positioned ourselves in the retail market with a view to bringing the power of banking to the doorsteps of millions. We are providing a broader platform to facilitate payments services in Nigeria and across Africa, by harnessing our significantly enhanced digital technology capabilities.

“We have made solid progress throughout the first quarter of 2019 in line with our 2018-2022 five-year strategy, and we remain committed to the achievement of our strategic imperatives going forward; as we continue to invest in our people, technology and most importantly, our product offerings to customers.

“Our focus is to become the world’s most respected African Bank by leveraging on the strength of our retail and wholesale business to provide unrivalled value to our customers”, he added.

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